The ringgit is expected to strengthen to RM4.50 at the end of this year - Amir Hamzah
February 29, 2024
The ringgit is expected to strengthen to RM4.50 against the US dollar before the end of 2024, said Datuk Amir Hamzah.
The ringgit is expected to strengthen to RM4.50 against the US dollar before the end of 2024, said Datuk Amir Hamzah.
KUALA LUMPUR: The ringgit is expected to strengthen to RM4.50 against the US dollar before the end of 2024, said Datuk Seri Amir Hamzah Azizan.
According to the Minister of Finance II, the development is based on banking analysis that sees the positive growth of the country's economy, through investor confidence in local companies which leads to an increase in the Bursa Malaysia market.
"I see good signs from the economic side of the stock market, which increased by 7 percent.
"'This is a good sign showing the confidence shown by investors to the companies in the state," he said.
Amir Hamzah said, based on the confidence involved, it shows that the ringgit will continue to strengthen until the end of this year.
"In terms of banking analysts, they feel the ringgit may be at a level 8 to 10 percent lower than it should be.
"With the data I said, we feel that the ringgit will continue to strengthen and is expected to strengthen to the level of RM4.50 before the end of this year," he added.
He said this in response to a question from Lim Guan Eng (PH-Bagan) in the Dewan Rakyat on Thursday who questioned the factors of the devaluation of the ringgit currency which did not reflect the country's favorable economic performance.
In the meantime, various efforts are being actively carried out by the Ministry of Finance (MOF) and Bank Negara Malaysia (BNM) to monitor the conversion of ringgit esports money.
Among the efforts taken is to encourage the use of the local currency in the export market and reduce dependence on the American dollar currency.
